North America Luxury Plumbing Fixtures Market to reach $7 billion by 2024
SELBYVILLE, Del., May 4, 2018 /PRNewswire-iReach/ -- Commercial Luxury Plumbing Fixtures Market segment accounted for more than 35.5% of overall industry share in 2016. Rising construction of bathroom-intensive commercial structures such as offices, educational facilities, hospitals and hotels will drive the industry expansion.
Luxury Plumbing Fixtures Market size is estimated to exceed USD 26 billion by 2024. Rising purchasing power coupled with increasing demand for premium and advanced bathrooms and kitchens are key factors fueling luxury plumbing fixtures market growth. Factors such as government supported residential building upgradation and renovations due to disaster will propel the industry expansion. Key trending factors including integrated high-low sprinklers thermostatic faucets and chromotherapy to integrate bathroom spaces will drive luxury plumbing fixtures demand.
Inclination towards new and improved designs & technology for comfort and aesthetics will stimulate product penetration in residential and commercial sector. Introduction of various innovative products including water efficient systems will create lucrative opportunities for luxury plumbing fixtures market growth. Increasing preference for low flush toilets with wastewater collection and treatment system will enhance the product penetration. Hospitality industry expansion owing to increased leisure and business tourism will support luxury plumbing fixtures market demand in commercial sector.
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Advancements in the plumbing technologies including heated seat and dual flush toilets will propel industry growth. Product innovations such as touchless and sensor operated fixtures specifically from the commercial sectors will stimulate the luxury plumbing fixtures market demand.
Rise in bathroom and kitchen remodeling projects among middle class population will support the product demand. However, high and fluctuating prices of metals and ceramic used in manufacturing may impact the industry expansion. Stringent regulations to meet the efficiency and safety of products are among the major challenges faced by the luxury plumbing fixtures market players.
Bathroom luxury plumbing fixtures market was valued over USD 15 billion in 2016. Introduction of smart homes with compact spaces, that are unsuitable for installation of bathtubs will support showers demand. Superior design, style, and functionality along with less space requirement will remain key factors fueling industry growth in this segment. Product innovation including rain showerheads, therapeutic lights, digitally controlled configurations for spray and low flow will open new avenues in the market.
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Luxury plumbing fixtures market from residential application will witness growth over 4.9% up to 2024. Thriving population growth, increase in new housing supply and easy mortgage rates are expected to drive segment growth. Affordable government housing initiatives influencing customers focus towards premium interiors will boost the sector growth. In the UK, changes in the pension systems is encouraging aging population 'empty nesters' to spend more on home interiors and renovations.
APAC luxury plumbing fixtures market accounted for more than 25% of overall industry share in 2016. Increase in urbanization and change in lifestyle specifically in China, India, and Thailand will drive segment growth. Easy product availability in India and China owing to the country's recognition as manufacturing hub will provide opportunities for industry expansion.
Global luxury plumbing fixtures market share is highly fragmented owing to the low entry barriers in the industry. Some of the key players of the industry include Cera Sanitaryware, Bradley Corporation, Delta, Gerber and Kohler. Other key industry player in the industry include Sterling Faucet Company, Natphil, The Noble Corporation, Matco-Norca, Fiberez Bathware and Toto.
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Luxury Plumbing Fixtures market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2013 to 2024, for the following segments:
Luxury Plumbing Fixtures Market, By Fixtures
- Bathroom
- Showers
- Toilets
- Bathtubs
- Sinks
- Faucets
- Kitchen
- Faucets
- Sinks
Luxury Plumbing Fixtures Market, By Application
- Residential
- Commercial
The above information has been provided on a regional and country basis for the following:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- MEA
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